Intercontinental Exchange Inc. $ICE Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. reduced its stake in Intercontinental Exchange Inc. by 6.4% during Q1, currently holding 410,360 shares valued at $65.53 million.
• Intercontinental Exchange recently reported quarterly earnings per share of $1.81, exceeding estimates, and recorded a 9.8% year-over-year revenue increase.
• Analysts have raised their price targets for the stock, with recent estimates reaching as high as $212, suggesting a strong outlook for the company.

APG Asset Management N.V. cut its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 6.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 410,360 shares of the financial services provider's stock after selling 28,099 shares during the quarter. APG Asset Management N.V. owned about 0.07% of Intercontinental Exchange worth $65,531,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Intercontinental Exchange by 1.4% during the first quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider's stock valued at $9,132,211,000 after buying an additional 712,179 shares during the period. Royal Bank of Canada increased its position in shares of Intercontinental Exchange by 132.9% during the fourth quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock worth $1,359,173,000 after purchasing an additional 5,204,309 shares in the last quarter. Northern Trust Corp raised its stake in Intercontinental Exchange by 9.7% in the fourth quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider's stock valued at $1,105,953,000 after buying an additional 655,247 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock worth $1,109,780,000 after purchasing an additional 5,345,388 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Intercontinental Exchange by 113.9% in the 1st quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock worth $1,025,230,000 after acquiring an additional 3,165,381 shares during the last quarter. Institutional investors own 89.30% of the company's stock.

Insider Activity at Intercontinental Exchange

In other news, CEO Jeffrey C. Sprecher sold 150,000 shares of Intercontinental Exchange stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total value of $27,463,500.00. Following the completion of the transaction, the chief executive officer owned 1,951,705 shares in the company, valued at approximately $357,337,668.45. This trade represents a 7.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sharon Bowen sold 794 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $185.00, for a total transaction of $146,890.00. Following the completion of the sale, the director directly owned 14,206 shares in the company, valued at approximately $2,628,110. This trade represents a 5.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 444,719 shares of company stock worth $80,546,996 over the last quarter. 1.00% of the stock is currently owned by insiders.

Intercontinental Exchange Trading Down 0.2%

NYSE ICE traded down $0.41 during trading hours on Tuesday, reaching $178.73. The company had a trading volume of 2,578,914 shares, compared to its average volume of 3,230,776. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $102.31 billion, a P/E ratio of 27.14, a price-to-earnings-growth ratio of 2.14 and a beta of 1.11. The stock has a 50-day moving average of $182.24 and a 200 day moving average of $174.31. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the company posted $1.52 EPS. As a group, research analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.1%. Intercontinental Exchange's payout ratio is 36.85%.

Wall Street Analysts Forecast Growth

ICE has been the topic of a number of research reports. Piper Sandler increased their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. UBS Group boosted their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Barclays boosted their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Keefe, Bruyette & Woods raised their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Finally, Morgan Stanley boosted their target price on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $194.92.

About Intercontinental Exchange

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.